We hate planning for the worst because it makes us feel like inviting it to happen. The truth is, we have no idea what the future holds, but planning for the worst can lessen the burden in the event that it does happen. Insurance is one of those things that we purchase but don’t really notice until we need it. After all, it’s not like buying a new car or home, you can’t see, feel, or touch it. This is another reason why many people don’t see the need in being adequately insured. However, insurance of all kinds are vital, and below is an explanation of the various types of insurance policies you need to have in order to have peace of mind.
Most locales have regulations and laws that require drivers to be insured, and in some cases they even have minimum requirements as well. Regardless, there are those of us that have cheap cars that are merely a means of getting us from here to there. In those instances people often wonder why auto insurance is so important for them. The answer is that there is a ton of liability protection built into auto insurance. If you get into an accident and you are at-fault, that could lead to serious lawsuits and monetary damages. Often times your insurance company will handle and pay these damages on your behalf, but only if you are properly and adequately insured. Some policies even have clauses that allow for free rentals while your car is being prepared, and a secondary health policy to cover whatever you primary insurance doesn’t in the even you are injured.
Nobody likes the thought of dying, and this is the type of insurance we all hope is never needed. Still, if you have a family that relies on you for their financial well-being it is a type of insurance that simply cannot be ignored. It is also the type of insurance you don’t get a second chance to learn your lesson. If you are the sole income producer in the household then you have to think about how much money your family will need to live without you. That includes the cost of raising children, possibly paying for college costs, and anything else you had planned on covering from them later in life.
Health coverage is a very polarizing topic. With the recent elections you can see just how much of a heated debate it can turn into. Regardless of which side of the fence you are on, I think we can all agree that having some form of health insurance is important! While we hope medical emergencies are few and far between, they can and do happen. Out-of-pocket medical expenses can be extraordinary for uninsured. Just a night in the hospital could cost you thousands of dollars. That’s why it’s not only important to have health insurance, but to make sure that it insures you well enough that you won’t go broke and into debt in event you have a significant health concern.